Dubai: Fresh from posting its second consecutive quarter in the black, the once imperilled Gulf Navigation has announced it is looking to raise $130m to buy more chemical tankers. The Dubai tanker owner came close to folding a year ago, but is now on a firmer footing with a Dh3.6m interim net profit announced yesterday, a big improvement over the Dh29.6m net loss for the same period in 2013.
“We are pretty stable as of now and we are looking to raise finance through monetary convertible bonds,” managing director Sandeep Kadwe said. The money will be used to add to its fleet of eight chemical tankers. [28/07/14]